River Commons

River Commons is a public private partnership resulting in a mixed use development in the Morrisania neighborhood in the Bronx. The new development will be comprised of 328 affordable apartments, a 43,000 square foot public healthcare center to be operated by NYC Health + Hospitals – Gotham Health, 6,000 square feet of community facility space and a 7,500 square foot public open space. Of the 328 apartments, 229 will be restricted to households earning between 30 percent and 60 percent of area median income and 98 will be designated as supportive housing for individuals and families with substance abuse and/or mental health challenges experiencing homelessness. One (1) apartment will be for a building superintendent. The Developer secured the property through a long term ground lease with the NYC Health + Hospitals Corporation.

Financing for the project includes $91.4 million in municipal bonds issued by the NYC Housing Development Corporation, a $110 million loan from the NYC Department of Housing Preservation and Development, $500,000 Capital Grant from the Bronx Borough President, $96 million in Low Income Housing Tax Credit Equity through Hudson Housing Capital and a $92.2 million Letter of Credit issued by Capital One Bank, N.A.

HSE represented the development team on all aspects of the transaction including pre-development loan, MTA Accessibility Easement negotiations, NYC DEP Easement negotiations, ground lease negotiations, healthcare center condominium lease, joint venture operating agreements, regulatory agreements and financial documents.

Developer: Type A Projects LLC, L+M Development Partners, BronxWorks Inc.
Architect: Bernheimer Architecture
Contractor: L+M Builders Group
Financing: NYC Department of Housing Preservation and Development, NYC Housing Development Corporation, Bronx Borough President, Capital One Bank, N.A., Hudson Housing Capital